Purdy R-2 bonds approved for sale

Wednesday, March 22, 2017

Sale to trigger process to build new storm shelter

Bonds for the $2.3 million construction project at the Purdy school district will likely go on sale next week.

Purdy School Board members passed a “Go to Market” authorization for the sale of tax exempt bonds through underwriter Stifel, Nicolaus and Company. The sale will fund construction of the new FEMA storm shelter and performing arts center, which will begin later this year.

Superintendent Steven Chancellor said persons interested in purchasing the tax exempt bonds should call him at the administrative office. Local interest has been expressed in purchasing bonds for the school, and historically the school district has tried to make purchases available.

In authorizing the sale, board members also approved hiring the bond counsel of Gilmore and Bell to handle the district’s compliance reports as required by federal regulators on bond issues. Chancellor said Gilmore and Bell is well acquainted with other parties involved in the financing process for Purdy, and hiring the firm provides a good fit for the district.

Chancellor anticipated Todd Goffoy, financial advisor with Piper Jaffray and Associates, which handled issuing requests for information, would attend the board’s April board meeting with a full report on the bond sale.

Under the timetable set by the imminent sale of bonds, the district is preparing to start construction by the summer. Without unforeseen delays, the new facility would be completed in 2018.

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